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How Small Businesses Can Take Advantage of the U.S. Stimulus Package

April 03, 2020

By (Pamela Bump)

To aid small businesses and individuals impacted by the COVID-19 pandemic, the United States government recently passed three landmark acts, including the largest economic stimulus package in history.

The Coronavirus Aid, Relief, and Economic Security Act (or CARES Act), passed March 27, directs more than $2 trillion to the U.S. economy. The history-making stimulus package allocates funds to citizens, relief-oriented aid, government departments, and businesses of all sizes.

Notably for small businesses the package offers low-interest loan options, tax deferrals, and other financial aid opportunities to help companies stay in business during this time.

The passing of the 800-page CARES Act comes after the Coronavirus Preparedness and Response Supplemental Appropriations Act was signed into law. This earlier act directs emergency funds to essential government departments including the Department of Health and Human Services, state governments, and the Small Business Administration.

The U.S. government has also passed the Families First Coronavirus Response Act (FFCRA), which protects families and individuals from unpaid sick or family leave. This act also directs necessary funding to departments overseeing U.S. unemployment insurance.

While the CARES Act, and the other acts noted above, provide urgent relief and assistance to small businesses and individuals, the sheer size of the documents, and the legal jargon within them, can overwhelm anyone trying to make sense of the information.

At this time, we recognize that those who run or work for a small business are trying to quickly research their options and piece together what these laws might mean for their companies, personal finances, and future.

To help our readers learn how small businesses can take advantage of the stimulus package and related acts, we’ll walk through each major benefit that the acts offer. For the many small business owners with a list of questions about the stimulus package, we’ve also included a quick FAQ at the end of this post.

In the coming weeks, we’ll continue to update this piece as more news related to small business funding, aid, and stimulus packages circulates.

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How Small Businesses Can Take Advantage of the U.S. Stimulus Package

The CARES Act provides low-interest loans to small businesses, tax deferrals to organizations of all sizes, an expansion of unemployment options for individuals, and one-time payouts for taxpayers. The act also provides education, training and advising grants to small business development organizations, women’s business centers, and the Minority Business Development …read more

Source:: HubSpot Blog